Levi plans to retire at age 66, and estimates that$61,200 a year in retirement for 20 years will beneeded. That annual amount will be paid out inmonthly income checks. To save for retirement, Leviplans to put money every month into a 401k plan atwork. If Levi is currently 26, how much will need to besaved each month to meet the retirement goal,assuming the retirement accounts earn an average of6.9% per year.Answer = $(Roundto the nearest cent/penny)

The amount needed at retirement will be equal to the present value of all the payments needed after…

Answered: Answer = $ (Round to the nearest…

Business

Accounting

Answer = $ (Round to the nearest cent/penny)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Levi plans to retire at age 66, and estimates that
$61,200 a year in retirement for 20 years will be
needed. That annual amount will be paid out in
monthly income checks. To save for retirement, Levi
plans to put money every month into a 401k plan at
work. If Levi is currently 26, how much will need to be
saved each month to meet the retirement goal,
assuming the retirement accounts earn an average of
6.9% per year.
Answer = $
(Round
to the nearest cent/penny)

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